If you have a store on Shopify, you’re likely to face a lot of competition.
This is especially true if many other stores are more successful than yours. You may wonder what they do differently that drives sales in their stores. You probably stock the same goods or provide the same services, yet you don’t make as many sales. So, how can you see their conversions and best-selling items?
A good Shopify sales tracker can help you monitor what those other successful stores are doing. You can monitor them and know what can work for you.
This article explains how to see what other Shopify stores do to boost their business and become successful using a tracker.
What Does a Shopify Sales Tracker Do?
If you have a store on Shopify, you already know it makes drop-shipping and sales seamless and affordable for entrepreneurs, businesses, and people with side hustles in the ecommerce world.
Every company must develop a strategy to stay ahead of the competition and maximize its time in the market.
That is where a tracker comes into the picture. Using one like ZIK’s Shopify sales tracker shows you what other stores are doing to be successful – their best practices. Many factors can improve an ecommerce business, so you should check critical aspects such as their site organization and what they sell.
The tracker can help you identify which products attract the most customers and return buyers. By analyzing the practices of successful stores in your area, you can consider adding items that have improved their business to your store.
You can also track your competitors’ marketing strategies, incorporate their successful methods and your unique strategy, and potentially sell the same product in large quantities. This is why a tracker is an excellent tool for ecommerce, as it allows you to gather data from various stores and blend them with your ideas to propel your business to the top.
Additionally, the tracker can help you identify currently popular products and gauge their demand, providing your team with valuable insights into the top-selling items in your niche.
How Do You Use a Shopify Sales Tracker?
A competitor’s sales tracker follows the methods and success of any Shopify store. Once you open the tracker, look to the left side for a vertical toolbar to find the competitor sales tracker. It’s a little icon that looks like a robot detective. Click it and paste the URL of the store you want to check on the search bar at the top of the page.
You will get all the results you need to do your research, including the number of sales, revenue for one month or thirty days (this is the default—you can customize it for any number of days you want), the number of products in their store, their social channels, and their ad channels. You’ll also see the country where they operate, the currency they trade with, and the language of sale.
A tab shows the store creation date, so you know when it began to compare it to their revenue and determine whether or not they are making a good run of it. You can view the sales chart by clicking the downward-pointing arrow on the sales tab. The diagram compares the revenue and the items sold for one month. That should tell you which items made the best-selling list and how much they brought in.
A little further down the page, you’ll see three tabs, the first of which is the best sellers. They are the items that were the most sought after and bought. The row shows the upload date, per unit price, number of sold items, and revenue so far. At the end of the row, a finder-box locates that particular best-selling item or something similar on AliExpress. Click here to understand how AliExpress works.
Beside the best seller tab, there is the recently sold tab, showing the items most recently sold, the number of units sold, and the prices. The next tab after that is the new products tab, showing which items the store just added to its collection. Looking at each tab is important because a successful store adds only those items that it knows are popular with customers to drive the business, so you’ll learn what works for that store by checking every tab.
The tracker’s search history shows you the stores you have previously checked, their countries, and URLs. The page is like a summary of those stores and their records. You can see the sales each store made that day, the one from the previous day, and the cumulative sales for the past seven days.
Then, there’s a column for the total number of sales made. Next to the search history is In Progress, which shows the newly added stores in the database, and you’ll get a progress report within 24 hours. Remember that the little detective icon takes you to all the analytics you need for any store. Check out this resource for spy apps drop-shippers can use on any ecommerce platform.
Leveraging Competitive Intelligence for Strategic Growth
Competitive intelligence is a powerful tool for e-commerce businesses seeking an edge in the market. By analyzing other Shopify stores’ sales data, entrepreneurs can identify trends, gaps, and opportunities for their ventures. This information can be used to refine product offerings, adjust pricing strategies, and improve marketing efforts. For instance, if you notice a competitor’s sudden surge in sales for a particular product category, it might signal an emerging trend that you can capitalize on. However, it’s crucial to use this data ethically and focus on improving your own business rather than simply copying others.
The Role of Customer Reviews in Sales Analysis
When examining other Shopify stores’ performance, pay attention to the value of customer reviews. These testimonials provide insights into what customers appreciate about products and services and areas for improvement. You can identify common pain points by analyzing reviews across multiple stores in your niche and develop solutions that set your business apart. For example, if you notice frequent complaints about shipping times in your industry, you could prioritize faster delivery options to gain a competitive advantage. Remember, the goal is to match your competitors and exceed customer expectations.
Seasonal Trends and Inventory Management
Understanding seasonal sales patterns is crucial for effective inventory management and marketing planning. By observing other Shopify stores’ sales fluctuations throughout the year, you can better prepare for peak seasons and lulls in your business. This foresight allows you to stock up on popular items before demand spikes, plan promotional campaigns during slower periods, and avoid overstocking during off-seasons. For instance, if you notice that competitors in the fashion industry experience a sales boom in early spring, you can prepare your inventory and marketing strategies accordingly to capitalize on this trend.
Cross-Border E-commerce Opportunities
Considering other Shopify stores’ sales data, consider their geographical reach. You might discover untapped markets or regions where demand for your products is high, but competition could be higher. This insight can guide your expansion strategies, helping you decide which international markets to target and how to tailor your offerings to local preferences. For example, if you notice that stores similar to yours are seeing significant sales in certain countries, it might be worth investigating those markets for potential expansion. Consider factors like shipping costs, customs regulations, and local competition when exploring cross-border opportunities.
Embracing Data-Driven Decision Making
While analyzing competitors’ sales data is valuable, it’s equally important to cultivate a data-driven culture within your organization. Regularly review your sales metrics, customer behavior patterns, and market trends to make informed decisions. Combine insights from competitor analysis with your internal data to create a comprehensive picture of your market position. This approach allows you to identify your unique strengths and areas for improvement. For instance, you might discover that while a competitor excels in one product category, you have a competitive edge in another. Use these insights to refine your business strategy, focusing on areas where you can truly stand out and deliver value to your customers.
Conclusion
The Shopify sales tracker is a comprehensive tool that enables a store to monitor and analyze competitors to understand the factors driving their success. It allows you to view the products in a store, the quantity sold, and the revenue generated.
Additionally, it can identify the best-selling items, making it easier for you to source similar products for your store. This tool is essential for new Shopify stores aiming to enhance sales, boost revenue, and establish a strong presence on the platform.
